GLOBAL FINANCIAL MELTDOWN AND ITS EFFECTS ON NIGERIA BANKING SECTOR (A CASE STUDY OF INTERCONTINENTAL BANK AND FIRST BANK PLC)

 

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TABLE OF CONTENT

 

CHAPTER ONE      

INTRODUCTION                                               1

1.1   Background of study                                        1

1.2   Statement of the problem                                6

1.3   Purpose of the study                                        7

1.4   Significance of the study                                  8

1.5   Research Question                                           9

1.6   Scope of the study                                           9

1.7   Definition of terms                                           10

 

CHAPTER TWO

LITERATURE   REVIEW                                   12

2.1   The Origin of Global Meltdown                        13

2.2   The coming economic meltdown in Nigeria      15

2.3   Causes of Economic Recession                        22

2.4   Nigeria Banks and Capital Market                   27

2.5   Nigeria: How Economic Meltdown is affecting  35

2.6   The Global Economic meltdown and Banking

in Nigeria                                                         39

2.7   Panic comments of the banking sector            48

2.8   Summary of literature review                           51

 

CHAPTER THREE  

3.0   Research Methodology                                     53

3.1   Brief outline of the study                                 53

3.2   Design of the study                                          53

3.3   Area of the study                                              54

3.4   Population of the study                                    54

3.5   Sample of the study                                         55

3.6   Instrument for data collection                          55

3.7   Validation of instrument                                  56

3.8   Distributions and retrieval of the instrument 56
3.9   Method of data analysis                                   57

 

CHAPTER FOUR

PRESENTATION AND DATA ANALYSIS            58

Discussion of the findings                               68

 

CHAPTER FIVE

5.1   Summary of findings                                       71

5.2   Conclusion                                                      73

5.3   Recommendation                                             74

5.4   Suggestion for further research                        75

5.5   Limitation of the study                                     76

References                                                       77

Appendix                                                                 79

Questionnaire                                                  80

 

 

 

 

ABSTRACT

Both developed and developing countries around the world have been worried over the effect of the global financial crisis on their local economics. One would have noticed that Nigeria is not exempted from the crisis. This is the major reason why this project was embarked upon to ascertain the effects of this global financial crisis on our economy but with the banking sector as our case study. The problem caused by this global financial crisis on our economy and especially the banking sector cannot be over emphasized.

The problems typically include increase unemployment, decreased consumer and business spending, declining stock prices, depreciation of naira against foreign currencies, sharp fall in the prices of shares and many more. The purpose of this research is to evaluate the effect of this global financial crisis on the banking sector and economy at large. For the purpose of this, this research, the method of questionnaire was used for data analysis was percentage formula and any percentage that is more than fifty (50) percent is accepted while below is not.

The finding were that the crisis has really affected the Nigerian banks negatively and the Nigerian stock exchange as well, because of the trend continue, i am afraid most of them will go out of the business. Recommendation was also given that the economy should be diversified and that the activities of these banks should be checked to prevent mismanagement.

 

CHAPTER ONE

INTRODUCTION

• BACKGROUND OF THE STUDY

Without being told every one whether educated or not would have understand by now that something is terribly wrong with the economy of the nations of the world, the center in the media of every nation both national and international. The pertinent questions one may ask are, what is it all about? How did it come about? How are we affected as an individual and as a nation? How is one nation and the world responding to it? How can we find our way out of the problem caused by the crisis?

Economic meltdown is a situation where the economic activities of a nation is totally paralyzed and recessed.

According to Onuigbo (2007) economic meltdown could be called economic “go slow” just as traffic I am bring vehicle movement to a half, so does economic meltdown literally bring an economy to a stop. The resultant effects are many.

Broadly defined, a recession as a downturn in a nation economic activity. The consequences typically include increased unemployment, decreased consumer and business spending and declining stock prices.

Improvement in technology has brought the entire world into a “global-village” this is the reason for the fast spread of the current global economic meltdown across the nations of the world.

 

ORIGIN OF THE CURRENT GLOBAL ECONOMIC MELTDOWN

There is a wide view that the current crunch all over the world has its root from the mortgage market crisis in the united state of America (U.S.A) between 2005 and 2006, the mortgage market in the united state was highly fulled by what they refer to a “sub-prime lending” sub-prime lending is the practice of lending, mainly in the form of mortgages for the purpose of residence to borrowers who do not meet the usual criteria of borrowing unfortunately, bad debt become rampant due to borrowers inability to repay the loan, thus lead banks rite finding a possible means of reducing their leverage ratio by raising more money.

As a stock brokers found out that the bad loans the banks and other lending institutions were carrying, they pulled their money from the banks. And the markets become worse. This has since frozen the American financial system and like a wide fine spread to the four corners of the earth.

The effects of this ongoing global economic crisis on the Nigerian economy especially the banking sector cannot be over emphasized. The current situation of our economy is a wind that blows no one good, in his address to the ministers at the first federal executive council meeting in 2009, late president Yar’Adua overtly admitted that the impact of global financial meltdown had already been notice in Nigeria (internal source).

The effect has spread to Europe, Japan, Asia, Africa, Latin, America and other parts of the world. An estimated US $1.7 trillion in bail out funds has already been committed but we are yet to see the end of the tunnel not to talk of any light in it. According to a report the world stands in need of a staggering US $4 trillion to fully resolve this crisis. Both developed and developing countries around the world have been worried over the effect of the global financial crisis on their local economics.

Hence is the current situation. At present most of the revenue funds of the Nigeria comes from the oil. Nigeria sells its oil to the west and uses that money to drop its existence. Nigeria does not generate independence revenue to maintain the Nigeria economy as a result of the financial meltdown.

 

 

• STATEMENT OF THE PROBLEM

From the background of the study above, it is evidence that the ongoing financial crisis has really affected our banking sector and the economy generally. Before now, the prices of oil continue to dip from a high of more than $140 per barrel mid year of 2008 to 40, which is below of what is budgeted in the year budget.

The global economic environment is changing turn oil in the global financial market is deepening into recession across the world our recent gains in economic growth and macro economic stability may be unreaged by sustained fall in oil prices.

Nigeria is a single product economy, so whether money we get as a nation is determined by the price of oil so it very clear that this is an austerity priority the implication for banking industry is that the liquidity will be greatly impacted.

 

 

1.3 PURPOSE OF THE STUDY

The purpose of this research is to evaluate the effect of global financial crisis on the banking sector and the economy at large.

For proper evaluation and the effect especially the study is to examine

1. The origin of global financial crisis
2. The causes of global financial crisis
3. The level of its effect on our economy specially the banking sector
4. The individual effect in terms of employment of their financial crisis.

 

• SIGNIFICANCE OF THE STUDY

The essence or important of this research is to explore the effect of the current global financial crisis and to also proffer an everlasting solution to it in form of recommendations.

At the end of this research, both those in government and those in private organization (banking sector) will benefit from it because many suggestion will be made that if well followed, will remedy the effect of this financial crisis in their various fields.

• RESEARCH QUESTIONS

For proper investigation of the subject matter, the following research questions are used to guide the researcher

1. What is the beginning of this financial crisis?
2. What are the causes of this global financial crisis?
3. What are the effect on the banking sector of our economy?
4. What are the individual effects of this financial crisis based in the employment and others and solutions?

 

• SCOPE OF THE STUDY

The research is meant to deal with the effect of global financial crisis on Nigeria especially the banking sector of the economy. Be that as it may, some selected banks in Nigeria will guide us to achieve that.

This study is limited to intercontinental bank plc and First bank all operating in Nigeria banking sector of the economy.

 

• DEFINITION OF TERMS

In the process of writing this research some technical terms were used for simplicity, those terms that may hamper the readers understanding of the report are explained, as they are meant to be understood by the reader meltdown a serious accident in which the control part of a nuclear reactor mew’s causing harmful radiation to escape

RECESSION– A difficult time for the economy of a country than usual and more people are unemployed.

MORTGAGE – A legal agreement by which a bank or similar organization lends you money to buy a house etc and you pay the money back over a particular number of years.

 

 

 

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MANAGEMENT OF EMPLOYEE GRIEVANCES IN NIGERIAN PUBLIC CORPORATION (A CASE STUDY OF NIGERIA RAILWAY

CORPORATION BAUCHI STATE)

 

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TABLE OF CONTENT

CHAPTER ONE

1.0   Introduction – –       –       –       –       –       –       -1

• The background of the study – –       –       -1
• Statement of the problem – –       –       –       -5
• Purpose of the study – –       –       –       –       -6
• Significance of the study – –       –       –       -7
• Research questions – –       –       –       –       -8
• Scope of the study – –       –       –       –       -9

1.7 Definition of term –   –       –       –       –       –       -9

 

CHAPTER TWO

2.0   Literature Review of –     –       –       –       –       -11

2.1   Causes of the poor recording in an office-     -14

2.2   The important reasons to set up a good recording in an office –   –       –        –       –       –       –       -15

2.3   The effect of poor recording in an office –       -18

2.4   Ways to improve in recording in an office-     -19

2.5   Types of recording in an office-       –       –       -20

2.6   The possible ways of reducing poor recording in an office     –       –       –        –       –      –       –       -21

2.7   Summary of literature Review –     –       –       -23

      

CHAPTER THREE

3.0   Research Methodology – –       –       –       –       -25

3.1   Design of the study –      –       –       –       –       -25

3.2   Area of study –        –       –       –       –       –       –       -26

3.3   Population of the study –       –       –       –       -26

3.4   Sample of the study –     –       – –    –       –       -26

3.5   Instrument for data collection –     –       –       -27

3.6   Validation of the instrument –       –       –       -27

3.7   Distribution and retrieval of instruments –   -27

3.8 Method of data analysis – –       –       –       –       -28

 

CHAPTER FOUR

Presentation and Analysis of Data

4.0   Data Presentation –        –       –       –       –       –       -29

4.1   Finding    –       –       –       –       –       –       –       -40

 

CHAPTER FIVE

5.0   Summary, Recommendation and Conclusion -42

5.1   Summary –      –       –       –       –       –       –       -42

5.2   Recommendations –        –       –       –       –       -43

5.3   Limitation of the study – –       –       –       –       -44

5.4   Conclusion –    –       –       –       –       –       –       -45

5.5   Suggestion for further study –        –       –       -47

Appendix –       –       –       –       –       –       –       -48

Questionnaire –      –       –       –       –       –       -49

References –    –       –       –       –       –       –       -65

 

LIST OF TABLES

1. Table 1: Shows respondents views on research question 1 and 2
2. Table II: Shows respondents views on research question 3 and 4
3. Table III: Shows respondents views on research question 5 and 6
4. Table IV: Shows respondents views on research question 7 and 8

 

ABSTRACT

This research investigation is about the management of employee grievances in the public corporations. However, this project focused on the management of employee grievances in Nigeria Railways Corporation, Bauchi State. The statement of the problem in this research is to investigate how employee’s needs arise in such organization and the consequence that emerge when these needs are not satisfied. It is assumed that when employee’s needs are not satisfied, grievances emerge and this situation in turn affects job satisfaction, production and service delivery therefore, this study falls under organizational behaviour. Research questions were formulated to guide the major activities of this project in terms of methodology. This study is descriptive and explanatory. Survey methods have been used to generate data for analysis. The major findings of this research reveals that the most significant source of employee’s grievances in Nigeria railway corporation is non implementation of contract of employment and new standard of rules and regulations are setup without due consultation with the employees. Among others, the employees salaries are inadequate. Based on these findings, it is now recommended that there is need to bridge the communication gap between the management and the employees. One of the major way of doing this is to avoid alteration in the employment contract without due consultation with the employees. Besides, employees should be properly motivated with adequate incentives packages and salaries. Conclusively therefore, employees should in the other hand put in their best in actualization the aims and objectives of Nigeria railway corporation. This is the shared understanding which will ensure relative industrial peace in Nigerian Public Corporations.

 

 

CHAPTER ONE

• INTRODUCTION
• BACKGROUND OF THE STUDY

Management of employee grievances originated because of the problem that is associated with labour and management. Such problems are not having a bilateral process of grievance procedure led to bias and unfair treatment of the employees by the management. Again there is no consideration to protect the employee from discriminatory treatment by the management. Management treat employee unfairly without considering the conditions of their work.

However, with the end of the political crisis in 1970, organized labour was once again released from the dilemma of whether or not to forgo industrial actions in the interest of national serenity. With the civil war over labour stiffened its demands for improved wage structure and other conditions of work and employment throughout the country workers protest as a result of the realization of the poor economic status of the working class ultimately led to the establishment Adebo and Udoji commissions. The strikes that occurred during the civil war and after these commissions awards, marked the beginning of greater industrial crisis since the end of the civil war.

 

This period also marked the beginning of the revolutionary measures taken by the government in the settlement of trade disputes.

It is also of utmost importance at this juncture to mention the efforts of the Adam Oshomole’s led Nigerian Labour Congress (N.L.C) in the agitation for better work environment and improved minimum wage for the Nigerian workers. The N.L.C during this period also made great effort in resisting some government policies, for example increment in the pump prices of petroleum product and value added tax (V.A.T) which were detrimental to the standard of living of the Nigerian worker. The N.L.C. also during this period resisted the extensive use of casual labour by private enterprises, insisting on the permanent of at least 80% of these employees under casual labour.

At the formative stage of labour union, suspicion and skepticism may characterize management relations with labour and vice versa. This view is strengthened when one considers the unions belief that the organization with it’s enormous power and wealth is constantly seeking to surprise the labour union. Management on the other hand beliefs that the unions is poking it’s nose into it’s business there by making relations between the parties at the initial stage resemblance of that of cat and rat.

 

A cursory review of the nature of labour and management relations in contemporary Nigeria will no doubt be the conclusion that a significant proportion of employees and workers still reject the idea that on one hand, the two sides are engaged in a partnership and on the other hand the absence of an effective industrial relations leads to disorder which may result to strike and subsequently to lose of manpower and productivity. Operations will come to a halt and there will be a serious economic repercussion. This exactly why industrial relations is of utmost importance. How a lasting industrial peace can be achieved and maintained still remain a mirage. Hence, this study on management of industrial grievance, the reason being how to find a lasting peace to labour and management problems.

The Nigeria Railway Corporation (NRC) came into being in Nigeria during the colonial era. It was one of the British strategies of exploitation of Nigeria resources, therefore it was given priority by the British government it is of more benefit. It was used to transport each crops like cocoa, palm oil, groundnut and other raw materials from the rural areas to the urban cities for onward exportation to Britain. Bauchi state which is one of the Northern Central States in the Northern of Nigeria is known due to her high capacity in agricultural products and other natural resources. They are one of the beneficiaries of the rail lines constructed in cities of Nigeria before 1919 by the British colonial masters. The corporation has staff strength of about 1,500 workers. The organization has high level of bureaucracy which is strictly adhered to and the workforce is arranged in a hierarchical order which enhances efficiency, order and instructions, but delays the fast movement of work.

 

 

• STATEMENT OF PROBLEMS

This research tried to x – ray the factors, which influence employee grievance in Nigeria Railway Corporation Bauchi, with a view to finding the root causes of the grievances.

However, it could be said that these grievances stem from such factor as: –

1. The complain of inadequate salaries by the employees of Nigeria Railway Corporation, Bauchi.
2. The unconducive working environment for the employees of Nigeria Railway Corporation, Bauchi.
3. The short supply of motivational strategies by the management of Nigeria Railway Corporation to detriment of it’s employees.

The consequences of these complaints when they are not taken care of by the management is that job performances are adversely affected, state the fact that job satisfaction has a direct influence on employee performance and this may rise to employees grievance.

 

• PURPOSE OF THE STUDY

The major purpose of this study was to ascertain the relevant issues bothering management of employee grievances in Nigeria Railway Corporation, Bauchi.

Specifically, the study is aimed at finding all the following: –

1. To ascertain the major factors that give rise to employee grievances in corporations.
2. To know exactly the measure used by the employees in expressing their grievances and to know the effect of its to the corporation.
3. To know the consequences of employee grievances towards achieving the goals of the corporation.
4. To ascertain the strategic methods in handling employee grievances and preventing it’s further occurrence in the corporation.

 

 

• SIGNIFICANCE OF THE STUDY

Due to the regular occurrence of employee grievance in recent times one begins to appreciate the need for a study that would contribute towards the development and advancement of knowledge on labour grievances and handling of labour management conflicts in Nigeria and with particular reference to Nigeria Railway Corporation Bauchi.

The management of Nigeria Railway Corporation Bauchi and other public organization will through this research study, understand why grievances occur their indisposition in good labour relations result in grievances. They will also appreciate the very need for grievances free work environment. The recommendations at the end of the work will be useful in finding ways to ensure tranquility in the organization.

This work will also help in finding the quickest and cheapest means of resolving employee grievance. Moreover, the union leaders, through this study will also learn how to utilize the instrument of collective barraging in negotiating with management to achieve positive results on grievance resolution. Individuals and groups will draw a lot of information and understanding from this study on this mechanism for expressing grievances to management. Labour leaders will be able to understand the legal procedures this study will elucidate in handing labour and work conflicts.

Finally, this research will be most useful for academic and conventional purposes. It will serve as reference for students carrying out research in related studies in the presenting and the finding can provide the basis for future studies.

 

 

 

 

 

• SCOPE OF THE STUDY

This study is designed to look into the management of employees grievance with particular reference to Nigeria Railway Corporation Bauchi.

 

• RESEARCH QUESTIONS

In the course of this study, and in a bid to ensure that this research achieves its aims and objectives the following research questions were designed:

1. What are the factors that give rise to employee grievances in the corporation?
2. In what ways can employees express their grievances in the corporation?
3. What are the consequences of employees grievances in the corporation?
4. What are the various ways of handling employees grievances by the management of the corporation?

These questions all put together, help us to channel our investigations and studies towards finding the root cause of employee grievance in Nigeria Railway Corporation and solutions to these grievances.

 

• DEFINITION OF TERMS

Some of the basic concepts that may look vague or ambiguous and therefore pose a threat to the understanding and assimilation of this work are concisely defined below.

1. MANAGEMENT

Here, we mean those who carry out the task of planning, organizing, staffing, directing and controlling with the organization.

2. LABOUR

Those who belong to the intermediate and junior cadre workers. They could be equally be seen as those who belong to the non-management cadre.

3. LABOUR DISPUTES

It means controversies dealing with the terms, contract or conditions of employment or representation of persons in negotiating, fixing maintaining or charging the terms and conditions of employment.

4. GRIEVANCES

Any complaint by an employee or by a union (some times by employee or employees association) concerning any aspect of the employment relationship.

 

5. GRIEVANCE MACHINERY/PROCEDURE

It refers to the structure/provision set up to resolve problems, which arise in the application and interpretation of the contract agreement.

6. GRIEVANCE COMMITTEE

It refers to the union and management representatives, that reviews grievances after they have come up from lower steps of the grievance machinery.

7. ENTREPRENEUR

This refers to one who innovates, introduces new ideals, new products, new technology and opens up new markets.

8. INDUSTRIAL RELATIONS

It refers to discipline concerned with the systematic aspect of employment relation.

It is also a regulation relationship between the trade union, the employee and the government.

It is also the regulation of employment relations in any employment situation by the employment or management or their organization.

“This simplest way of economizing effort in an inquiring to review and build upon the work already done by others” Seltizelal (1959:53).    

 

 

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